Bitcoin (BTC) ETFs Shed $120.24 Million in Second Day of Redemptions

ARKB Leads $120 Million Redemption Wave

United States spot exchange-traded funds (ETFs) holding Bitcoin (BTC) took in $120.24 million of net redemptions on Wednesday, the second consecutive session in which the product suite shed capital. ARK and 21Shares' ARKB drove the bulk of the day's outflow, redeeming $77.98 million, ahead of Grayscale's GBTC at $27.22 million and BlackRock's IBIT at $19.53 million. Morgan Stanley's MSBT absorbed $4.49 million, the only fund of any size to post an inflow on the day. Aggregate turnover across the spot Bitcoin ETF complex reached $2.05 billion for the session, with combined net assets closing at $99.33 billion — a base that now ranks among the largest whale cohorts in the market.

Net redemption days of this shape matter because the ETF wrappers have functioned as the dominant marginal demand channel since launch: when creations outpace redemptions, issuers buy spot BTC on the open market, and the reverse tightens bid-side liquidity. Wednesday's ledger was broad-based rather than a single-fund event — every meaningful balance except MSBT ran negative — and the two-day streak signals a pattern rather than an isolated print. The daily figures are compiled from issuer flow disclosures and track creations against redemptions at the net-asset level, making them one of the cleanest intraday reads on institutional allocation behavior. In percentage terms the session is small, roughly 0.12% of assets under management, yet it is the direction traders watch: a second straight day of redemptions tilts the marginal flow balance from accumulation toward distribution just as BTC presses against a well-defined institutional cost basis.

Cost Basis Back in Focus

The backdrop gives the outflows added technical weight. Glassnode's on-chain data shows the US spot Bitcoin ETF cohort has clawed back to roughly breakeven after an $18 billion drawdown from its aggregate cost basis, putting that institutional entry level back in focus as a potential resistance band. The flow weakness also lands with spot BTC consolidating in the mid-$77,000 range after a hot US PPI print dragged the price to $77,088, leaving the fund complex and the underlying asset testing the same zone from opposite sides. Institutional commentary, however, remains constructive: Bitwise chief investment officer Matt Hougan said he expects the fourth quarter to deliver a burst of ETF inflows as more investors gain clearance to allocate to digital assets — “I think Q4 is going to be a burst of ETF inflows. Overall, whether it's Bitcoin, stablecoins or tokenization, we're going to see billions of dollars flow into ETFs tied to these themes.” His call rests on allocation channels broadening, from ETF wrappers toward corporate strategic Bitcoin reserve frameworks, echoing longer-dated targets such as the $400,000 Bitcoin by 2030 call. Wednesday's cross-asset ledger shows the rotation behind the outflows: Ethereum ETFs drew $34.75 million, led by BlackRock's staking product ETHB at $22.94 million, with ETHA adding $9.71 million and 21Shares' TETH $2.10 million. Altcoin products firmed elsewhere too — XRP funds added $12.29 million, stretching their 30-day net intake to $185 million, and Solana ETFs took in $11.73 million, while Bitwise's HYPE fund shed $5.29 million. Capital stayed in crypto wrappers but rotated away from the Bitcoin market for a second straight day. Readers tracking the market in real time can follow live spot and futures prices on Binance.

Glassnode's on-chain datahttps://x.com/glassnode/status/2097947152278569428?s=20

$74,131 Shelf Carries the Top Score

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $77,046.78 support at 79/100, driven by the confluence of a failed-resistance flip, the 20-day EMA and the 0.214 Fibonacci, with spot last printed at $77,086. The heavier shelf sits at $74,131.55, scored 83/100 on the Ichimoku Kijun, a high-volume node and the 0.382 Fibonacci. Overhead, the $78,284 resistance carries 70/100 on a low-volume node, pivot point and Bollinger middle. Positioning leans crowded: funding at 0.0047% and a 1.68 long/short account ratio (62.7% long), alongside a Fear & Greed reading of 69 (Greed). Holding $77,046 keeps a retest of $78,284 live; a daily close below $74,131 would invalidate the bullish structure, with RSI at 55.01 and a bearish MACD cross capping near-term momentum. Open interest across Binance, Bybit and HyperLiquid perps stands at $15.67 billion.